hi, everybody. we've enter the closing stretch. the market is losing steam but off of the lows as well. >> i'm bill griffeth. the mood is still cautious. still a mess in europe. that mess could end here. that's the fear and that's what's been dragging stocks lowers a the euro continues to fall. it's still at this four-month low. folks remain concerned about the economy with weaker than ex-presidented numbers on retail sales out this morning. so this morning, kind of a stutter step move. we were at the low point just before noontime, had a comeback

and now the dow is down 21 points at 12,669. the nasdaq is up four points right now. technology among the leaders today. we're up to 2906 on the composite index and s&p still below the critical 1340 level. >> we have a couple of stocks and story stuff on our radar this afternoon. among them, jpmorgan chase. the stock rebounding a bit today after ceo jamie dimon survived a shareholder push to strip him of his chairman title. he apologized for the recent $2 million loss but now the government is opening up an investigation. jcpenney shares getting hit ahead of the company's earnings. retail has been doing well. they will watch the company's no sales pricing strategy, which has yet to resonate with

consumers. people love a bargain. and a quick look at today's market themes. gordon of rose sen blat says that the credit market seems to be more fearful of the events present and future in europe than the equity market. men time, check out home builder markets. housing starts are below the normal levels in terms of where we may be in the cycle. facebook also in the spotlight, the company goes public on friday. gm is going to stop buying ads

on facebook seeing them as ineffective. general motors is going to stop the ads just a few days ahead of the company going public. >> people don't click on the ads. that's the claim. >> who clicks on facebook ads, right? >> we'll see about that. of course, no surprise upping the range of the stock price. we are expecting huge demand but is it worth buying at the level that it goes public on friday or do you want to watch it for a little while to see if it goes up, down, and then settles out. >> very reminiscent of the google ipo some years ago when people felt it was lost stee as well. a lot of eyes on the shareholder meeting as jamie dimon gives up his chairmanship and retail sales cooled for the month of april. what does this say about the health of the economy? all things that we're going to discuss right now, today's "closing bell" exchange. bob pisani is here with us, rick

santelli at the cme in chicago and analyst for the street and cnbc contributor peter bookfar. they are piling on the shareholders and calling for jamie dimon to come up for this hearing that they are going to hold for the banking committee. should he keep the chairmanship, how do you think this is going here? >> i think this has gone too far. banks lose money every single day. he hope that they can make more money than lose and jpmorgan before this was expected to make $20 billion this year. so they took a bad hit based on bad judgment. but if they made $2 billion on this hedge i'm sure we would not be hearing any of this. i didn't realize that losing money is a crime. >> you know, peter, it's really amazing to hear senator reid say that jpmorgan should come to las vegas because it's a gamble.

is this a blatant evidence that these guys in washington have no clue how it works? >> i think you said it right. they have no clue. what do you get in a lot of drunken soldiers that take advantage of that. >> be that as it may, we are in a political climate where everybody is watching and remembering the amount of taxpayer money that went out to bailing out the financial institutions and you know that this is going to strengthen the hand of those that want stronger regulations in dodd frank, right? >> yes. it's the government that socialized the risk and now they scream and yell when something goes wrong. >> four years after the credit crisis we have yet to see any real changes in terms of the structure of the market like we were all hoping for after the

flash crash. so where is the accountability there? >> it's ridiculous, maria. i understand and i agree with peter, having a loss is part of trading. but i also understand that if they are nervous that that would turn into an mf type of scenario, why don't they get these weapons of mass destruction that have been on the radar screen for years. they knew nothing about it. i have one question for the department of justice. why is it exactly department of justice that shareholder money, $2 billion at jpmorgan is so much more for you to worry about than 1.6 billion in mf where there is much more neferious behavior and we have a guy like kor sign and solyndra, their money is gone where, is the logic there? >> we should point out the otcs that we're talking about, they are making a bet on future

interest rates and that's where this -- and, in fact, it could go to $3 billion because maybe hedge funds are holding on to those funds. >> we are still looking at a huge portfolio of commodities that jpmorgan is probably still liquidating to offset all of these losses he so we're probably see further offset in commodities. that being said, that is the nature of the business. i'm having a de ja vu moment with rick because mr. obama -- >> what were you going to say, bob? >> nobody mentioned that jpmorgan is going to make $18 billion in profits. that's including the $2 billion that they lost. probably the most profitable bank in the united states. it makes it sound like they are going to lose a fortune and they are not. >> let's face it, if we were not talking about jamie dimon, wouldn't we be talking about the demand of a resignation of a

bank that lost $2 billion in this case? >> maria, i have to point out that i was at merrill lynch when we had a trader that lost $3 billion. he got fired and was hired by bear stearns and had a great year. $300 million 20 years ago, you're at $2 billion now. >> deborah, you say at some point facebook will have to give into the demands of the soex shareholders. let's talk about that. what do you see happening with the facebook deal and how would you see the business change? >> well, you know, every company gets to that point, where the shareholder screams that they want more revenue and want to you change things. that's going to be the moment of trust and honesty with facebook. they have all of this information on all of us and are they going to mind that information at some point? i think at ceremony point they are going to cave.

>> look at your google calendar. >> your google calendar? what is your google calendar? >> it's tells me every place i've been in the last five years, every restaurant i've been to, every appointment i've had. that's a lot of information. >> it is. what are they going to do with that information? what are they going to do with all of that information that they have? >> and, maria, the information about gm cutting back on their advertising, internet week was saying how social advertising is really going to be the wave of where advertising is going to go and that facebook, while it's in its infancy, it's going to take it by the lead and we all knew that banner ads don't work on the internet. >> just without general motors, apparently. >> apparently. >> thank you all.

jennifer, peter, as always. encouraging housing data fueled a rally in the home builders sector today. >> that's right, bill. with less than an hour to trade, it looks like we're mostly negative. consumer discretionary was leading the gains but now we're slightly negative and energy at the other side really pulling up that caboose. like you mentioned, home builders are the day's out performers after the strongest reading on the wells fargo housing index in five years. strong reading on current sales conditions, traffic, and sales expectations pushing sales of home builders sharply. now, small cap coal miner and producer patriot coal lowering its sales outlook and that's sending shares lower by almost 17%. trading at levels not seen since

april 2009 and it's pulling down the entire sector. the national resources trading down 9%. that's lows not seen since january of 2007. maria? >> court, thank you so much. we're in the final stretch for the day. dow jones industrial average worsening under pressure. 50 minutes until the closing bell sounds. >> as we head into the summer barbecue season, tyson's head joins us. >> and walmart got into trouble in mexico. >> everybody else goes into these countries and do what they have to do. it's a horrible law and should be changed. >> so are things like bribery just the true cost of doing business? both sides of the debate coming up. plus, the ajustice accident investigating jpmorgan's huge

trading loss. former wheef of staff bill daily says the government doesn't have a clue of how the market works. an exclusive interview. >> this coming from an insider. >> yes indeed. >> we want your take on this. jamie dimon, is he still the right guy to lead this company? send us a tweet @cnbcclosingbell. back in a moment. [ donovan ] i hit a wall. and i thought "i can't do this, it's just too hard." then there was a moment. when i decided to find a way to keep going. go for olympic gold and go to college too. [ male announcer ] every day we help students earn

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all right. it looks like we have a situation here. the market is dropping down 66 points on the dow jones industrial average and there's speculation about what is behind it. let's go to michelle caruso-cabrera with news out of greece. >> maria, there is a transfer that has come to light in greece about the conversation that the president had with the leading parties and the conversation that he had with the central bank and he says 700 million

euros has left the banking system. 600 million worth ever deposits and then and it would be considered safe and numbers get to 700 million and potentially get to 800 million euros. what we don't know and we've had our producer in greece that speaks greek, what is not clear is the time period to which he is referring to. if it's since the election or all day. there has been conflicting speculation. still, the anxiety was in the banking system caused by the disarray after the election. the president went on to tell the parties that there is no reason to panic but that the banking system is weak. you would see deposits leaving if people were fearful of the euro because there would be bank holidays, et cetera, and would want to get their money out beforehand.

we haven't seen a huge -- we've seen a steady decline over the last couple of years of bank deposits in greece has people have taken the money out in order to pay their bills and we know that wealthy people have transferred money overseas but it appears there has been an acceleration in the withdrawal race. >> which would make sense after the elected officials were unable to put a coalition government together they announced that they are going to have to hold a second election next month and that brings up the question whether or not greece can remain in the euro zone. so people are moving money out of the banks just in case. >> you don't really know that you have any evidence of any run on the bank. having said that, we're seeing this acceleration of money coming out of the major banks in greece. thanks. we'll keep checking back as that story develops and we were hearing the same kind of talk since the market was dropping.

meanwhile, we finally found a company that was cutting prices amidst so many price increases. jmsmucker cuts packaged coffee prices. there was a decline in sales volumes. bill? >> one of the companies that has benefited from raising food prices is tyson's food. second quarter profit prices raised. >> how much more could prices go? are we talking about a threatening inflationary story down the road? and will mad cow and pink slime stories hurt the company? as we're joined here on cnbc by donny smith. good to have you on the program.

>> thanks. good to be here. >> what's your take in terms of increasing in pricing? do you think it continues? >> yes, especially with beef and chicken. prices have declined a little bit from their highs. a lack of volume there is a culprit. beef prices are high. >> why? >> really a lack of supply here domestically. exports are still good. global demand is 2% or so. that's raising the prices. >> you were pointing out that per capita consumption of prices going down, how were you able to raise on prices going down? >> well, if you looked at the inflation price on meet products, the rate of inflation on meat products is actually higher than a nation's inflation rate which is the high pricing that is causing demand. plus, exports are still good. >> now, are you worried -- we

saw what happened with smucker's. do you expect that kind of scenario to take place? does that worry you? >> no, we don't beef is a larger percentage of our sales than chicken. we're a multiprotein company. we serve multichannel company and now we're growing our operations in brazil, china, mention kor mexico, and india. that kind of portfolio of products, channels, and countries is a hedge against inflationary prices. >> most of your business is here? >> yes >> yes, it is. >> yet we're seeing a slowdown in the economy. >> a lot of that has to do with things that we can control.

we've done a great job of getting our business back on track. we're taken costs out of our protein business. plus, we have products that folks want. demand for our products is high. we have a lot of value-added products that folks crave because they are not as good as preparing meals from scratch as they used to be. >> let me ask you a demand question. in the face of what everyone is calling a global slowdown, how are you characterizing demand right now? are you seeing a slowdown? >> it is sluggish. retail meat is down 4%. beef and pork down 9.3 respectively. food service sales are up but the actual volume coming out of the stores is pretty much flat but with our diversified portfolio, this will be we think the summer of the chicken. there is a lot of chicken promotions. >> have you seen a minor scare in california on mad cow disease?

>> no impact here. >> migration in that regard? >> not so much for that reason. a little bit because of pricing. we see a little bit of migration for that reason. >> the summer of the chicken. >> yes. >> we'll be watching. we'll be looking for you when you ring that bell. >> thank you. >> donny smith of tyson foods. >> thank you very much. are you bet you are off shopping for the slumping jcpenney or will you hit the bull's eye with target. and he was the store phenomena. is john's success starting to translate now that he's running jcpenney? we'll have a bull-bear debate. look at how retailers are trading. the weak spot in the group is cc penny. back in a moment on "closing bell." you know, typical alarm clock. i am so glad to get rid of it.

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all right. it looks like volatility is picking up against. let me show you the volatility index above 22. this is a four-month high, as you can see, up 3%. and that is a four-month high. dollar is pushing gold prices

below. over to you, brian. >> maria, we want to point out that we've actually accelerating the selling of oil. we're even lower than that and john kilduff said if we get below 93, watch out for 75. there are some levels that we need a pay attention to. the dollar correlation is back in full effect. we had goal actually hit a low of 1546.80. we've gone below that in the post session. more selling across the board on commodities and that's a low for 2012. it's just amazing, when i talk about commodities, soft commodities, ad commodities, everything seems to have the bottom dropping out right now. jm smucker's lowered prices on

coffee. >> thank you, brian. we've got the market under pressure to the tune of 66 points. let's do a quick stat check the dow has only one winning session with stronger than expected data in new york state as well as home builder sentiment keeping in check. the market is down 72 points. the high reached about 1:00 p.m. eastern today and we have seen a reversal of fortune by the close, as you can see. energy materials have been putting a drag on the market with consumer discretionary and technology pushing the other way. nine out of the past ten sessions. energy under pressure today with oil down $1.63 a barrel. bill? >> let's talk about earnings reports still to come. jcpenney will be out after the bell tonight and then target reports its earnings tomorrow

morning. the question is, should you be buying these companies or selling them right now? joining us in "talking numbers" is carter worth of oppenheimer and on oh the fundamental side is the telsey advisory group. who looks better? jcpenney or target? >> they are different assets. this is a five-year chart of jcpenney. when the stock starts to bottom, you get a bearish or too bullish rever sal. if you put this in a 20-year chart, you'll see the cyclical event with jcpenney. we think this is the beginning of the next phase. >> you're due for it to go higher? >> yes.

>> and target? >> it's a much more steadier sort of asset. the five-year chart is also at a bottoming out formation. some people call this a cup and handle or call it what you want. as you look at the long-term chart, it's been a pretty established uptrend and tracks a perfectly 45-degree angle. we think this trades higher. we like them both. >> apple with the retail stores there, he runs jcpenney. how is he doing? >> it's way too early to tell. he's in the midst of putting together a transformation plan. i'll be at the meeting in an hour in order to see what the progress is but it's still in the early innings. >> who do you like better? jcpenney or target? >> target is reporting tomorrow morning. you certainly see new initiatives on the product side. it should be a good quarter. >> all right. we'll have those numbers coming

up at the top of the hour. good to see you as well. >> thank you, bill. 30 minutes before the "closing bell" sounds today. we have a market worsening. down 85 points on the dow jones industrial average. the weakness may be from reports of money flowing out of greek banks. she mentioned 700 million euro. we want to know what you think as well. much more on the fallout from the bad trade today. shareholders tried to strip jamie dimon from his role. the effort failed. what do you think? is jamie dimon still the right guy to run jpmorgan? tweet us. we'll reveal your responses later on in the program. as we go to break, take a look at the major banks. jpmorgan back in a moment on "closing bell."

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welcome back. michelle reporting that 700 million euros have left the greek banking system recently. the exact time period is unclear but what is clear, a headline

and speculation that greece may leave the euro at some point, spooking the market. the market here in the u.s. taking a hit as that speculation has occurred. bob pisani has details. >> volume picked up a little bit and we have not seen that in a while in a multi-year high. we're going into the june contract. the vix curve, if you look further, june, august, and october into those months. you see speaks up 2, 3%. and there is an indication that volatility even further out. guys, back to you. >> the fear trade is definitely

on right now. bob, thank you very much. what does the latest flurry mean for investors here? >> we go to matt mccormick. gentlemen, good to have you on the program. 700 million euros, about $900 million leaving greek banks. how would you characterize what is going on in greece? >> there has been deposit money all along. it's sounding like they may want to leave the euro. it would be a natural thing to expect. >> they couldn't get a coalition government together. they are going to have to hold elections again. >> they are trying to protect their money as best they can and they are pretty sure it's got keeping it in the country. >> i think the people need to prepare for the event you'll removal of greece from the eu.

maria, to your comment about risk on trade, it's a political market. it's an event-driven market. numbers are better but people aren't focusing on that. >> i want to get your take on how big of a deal this $2 billion loss is. with all of these investigations, it's bubbling up here. but before that, in terms of the greece situation, is that a big deal that greece leaves the euro? should we be -- >> i don't think anybody knows what will happen if greece leaves but it will impact european banks and regional banks in that order. hey, i can move away to lessress ski assets. >> we have to have a resolution

of some point and it's going to produce a better euro when it's over which is oddly enough going to hurt us because the liquidity in the world is going to shift back in balance more towards the euro. >> just not right away. >> what i know is that the dollar is on fire. it's had 12 straight days. >> eventually that ends and the reverse happens and from where we are now, we are facing a cliff in reverse. >> when did losing money become illegal in this country but the fact remains that in washington they are writing the rules and this will be new political fodder for them to strengthen whatever dodd is going to impose, right? >> you're using logic. when you deal with politicians, this gives them an event to hammer jp dimon, to give more regulation, or at least the idea

of more regulation to feel like that will work. however, regulation did not stop this trade from occurring. it's not going to stop the next one. this is, in my position, a political side. >> by the way, real quick, after what happened in 2008, all of the major banks have regulators living at their firms. you go into jpmorgan and there's a floor of regulators that have their own offices. wait, did they miss this again? did they miss something again? >> regulators have been on the floor for a long, long time. >> this is the question. it's a question of monitoring something and not seeing it happen. it's a mistake. because it's a hedge and it has something to do with something complex, the presumption is that this is dangerous and particularly in the big bank, that is not true. if you want to guarantee mistakes don't happen, regulation can't do that and if you want to simplify and take away all of the tools that banks have to reduce risk, you're going to make worse. the irony is we're sitting here

with another big problem. the asset liability management of the banking industry is at a huge risk. they are trying desperately to monitor that. >> with all of the noise around you, if the stock traded down, would you buy it? >> i would buy any financials weak on this because i think this is a tepest in a tea pot. >> we're going to bring matt back for the countdown in a few minutes. >> about 20 minutes to go here. we've stabilized. dour is down 20 points. >> donald trump says it's the cost of doing business. we debate the controversial topic, next. it's also one of the hottest ipos in recent memory but dan niles isn't so hot on facebook. i'm going to be interested to hear what he has to say. you'll find out at 4:00 p.m. eastern time. >> as we look at how the heat map is shaping up, a lot more

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welcome back. should the u.s. government be profiting companies that pay to get tribes done in foreign current trees? donald trump says no. >> mexico's a mess and this country is absolutely crazy. they prosecute people for going over to china and mexico and other countries it a he getting business and creating jobs in this country because we do create some product that goes out. let mexico or let china or let these other countries -- what are we prosecuting people to keep china honest? every country goes into these places and they do what they have to do. every country in the world is doing it. we're not allowed to. it puts us at a huge disadvantage and let them clean up their own act. we shouldn't be cleaning up the act for them. >> there it is. is he right?

are payoffs a fact of life in many countries and you just go for it? harvard professor says yes and alley says it would lead to other briberies from countries. i get your point. you're saying it's the course of doing business. what do you think? >> more people have access to the cheap goods that walmart sells. >> but it's a bribe. is it right to do? >> it's a bribe. it's a price. it's a payoff. but the law that creates the bribe, the law that the

regulation which causes there to be a need in the first place doesn't make sense. companies should not be making it hard for companies to add locations because that hurts the people benefiting from the services that provides these companies. >> finish your thought. i'm sorry. >> the problem is, we have silly laws, excessive regulation in the first place and walmart has to think about getting around bribes that shouldn't be there. >> i know that you're anti-bribery on this conversation. but what is a company to do if that's the way the government says business is done? go to russia, go to china, it's our way or the highway. so what are they supposed to do? keep out of the country? what is the answer? >> well, the answer is certainly not encouraging a climate of lawlessness. u.s. companies never benefit from lawlessness and it isn't the government saying it's our way or the highway. it's individuals acting in a criminal manner and we don't

want to feed those folks. the citizens of mexico do not thank us for creating jobs if creating jobs means we are paying off their government officials to jump the cue, possibly to get less rigorous oversight of construction of buildings that have ultimately collapsed. >> what about donald trump's point, then, that it's up to that government to prosecute people taking bribes? what do they care? >> well, we all care about a fair global bargain. it is not the american way to wh whine about foreign regulation. you don't say we're going to break local laws because everybody else is. >> right. i understand. >> if you do that, you could use child labor and dumping toxins. >> we also want to deal in reality, right? let's say you want to do business in russia and you say it's not the government but it's an individual minister saying, you can open shop here if you pay this here. you're saying that doesn't come from putin? >> you have to find your way

around that. you get the embassy involved. >> how do you find your way around it? >> you get other companies involved. they want our products, they will figure out how to do business with us. a company the size of walmart has more clout in a country like mexico than most embassies. >> what about that jeffrey? if companies were going to come together and say, i'm not going to pay your bribe. we're going to do business the right way, wouldn't that have an impact? >> well, if companies have that clout, they would of course use that clout rather than paying the bribes. mexico would like to pay the money that they are paying on the bribes. >> it would be seen as collusion. if you're not paying a bribe, if you're refusing to pay it, it's going to have an impact. >> promoting the efficiency of the welfare of the developing countries, there's going to be delays and prevention of

sensible business activity in those countries because walmart and other companies are not going to get around the regulation which was not sensible in the first place. >> absolutely. so you have to be careful. you have to have a strategy that anticipates those problems. you don't just look pull out your wallet each time there's an obstacle. >> let's check on the oil companies for that. they are trying to resist hostility. it's a tough call. >> thank you both for joining us today. appreciate it very much. it just smacks a little bit of ca ca casablanca. >> we're down 50 points on the dow. >> can activations into the struggling video game business? plus our twitter question of the day, getting a lot of buzz.

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welcome back. we have action here at the post. let's check out the price here. this is gks. stock is heavily traded and it's up better than 6%. the company leaps to within a dollar of the all-time high t was hit late last month. the athletic store surging on first quarter earnings. stronger sales and online business as well as the golf galaxy store helped boost the earnings. dick's raising the outlook to a range of 245 to 248. that was a positive. it was better than what analysts were looking for. they had an estimate between 243 a share. dick's has been running in the middle of the pack behind foot locker. the stock rising about 20% if

you look year over year. bill, over to you. >> maria, activision blizzard stock broke more than just records. julia? >> reporter: well, diablo went on sale and it's sold more copies in presales than any other blizzarg game ever. those numbers sent positive reviews for the game activision stock a bit higher today. more than 1500 people gathered for the release party last night and more than 8,000 retailers around the world held lounge events. the fact that it's been a dozen years since the diablo game has only bent up demand. temporarily prevented gamers from logging on to the game. despite this hit, game makers

face challenges. the games compete with an ever growing number of all types of entertainment. investor take the longview when it comes to the video game stocks. >> the long-term view is that companies like activision and electronic arts are going to make it through this secular shift between physical games and digital games and the sick cla gift shift and they will be healthier on the other side of this transition. >> and in the meantime, bill over to you. >> julia, thanks very much. coming up, the closing countdown. also, jcpenney's earnings are due out. we have a bull and a bear to debate that coming up. as we head to break, here's how the averages are trading just close minutes from

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a mixture of moves. low retail sales figures. home builder stocks were high. we kind of meandered until the last hour when word was coming out about a document in greece that itemized a flight of 700 million euros out of the greek banking system and right now we're down 56 points. there was a time when that would have caused a huge selloff in the u.s. >> yes. >> are we becoming immune to sales in the u.s. now? >> yes. i think that's a good thing. i thought from the very beginning that the news out of europe was overplayed in the media. >> it wouldn't have that big of an impact. it does have an impact but i don't think having the market go down -- well, today it's nothing. we've seen 200 and 300-point moves coming out of europe but i don't think it was warranted. >> what it's doing, matt

mccormick, is pushing the dollar higher and commodity prices lower. is that a buying opportunity? >> i would say that this is the calm before the storm. there's more negative news to occur. i think people are expecting merkel to come up with an agreement. i think they are expecting qe 3. when you look at the market, there's too many macro issues giving us cause of concern. there's going to be more volatility, not less. >> we're going to break through the trend lines right now. i think as we stay below that, there is downside risk. >> thank you both for joining